equiwatt Secures £700,000 for New Energy Management Platform
Deal News | Apr 15, 2025 | Mercia Fund Management (Mercia Ventures)
Equiwatt, a Gateshead-based energy management firm, has secured an additional £700,000 in funding from the North East Venture Fund (NEVF) supported by the European Regional Development Fund and managed by Mercia Ventures, along with private investors. The funding is intended to facilitate the rollout of Equiwatt's new SaaS platform, 'powerResponse', which is designed for utility companies and low-carbon technology manufacturers. The platform helps manage domestic energy demand by offering consumers rewards for reducing their usage during peak times. This initiative aligns with the UK government's push for greater participation in energy-saving schemes. Since the inception of Equiwatt in 2020, Mercia Ventures and NEVF have been pivotal backers. The company has expanded significantly, growing its user base from 5,000 to 120,000 since its last investment in August 2023. Founder and CEO Dr. Johnson Fernandes emphasizes the platform's role in aiding the transition to clean energy, while Mercia Ventures' Chris McCourt sees Equiwatt as a potential global leader in virtual energy management solutions.
Sectors
- Energy Management
- Technology
- Venture Capital
Geography
- United Kingdom – Equiwatt is based in Gateshead, UK, and the funding involves UK-based venture capital firm Mercia Ventures and aligns with the UK government's energy initiatives.
- Europe – The European Regional Development Fund's support indicates a broader European interest and involvement in energy management and sustainability.
Industry
- Energy Management – Equiwatt's core business involves managing domestic energy demand through innovative solutions that facilitate participation in grid pressure reduction schemes.
- Technology – The focus on rolling out a new Software as a Service (SaaS) platform places Equiwatt at the intersection of technology and energy management.
- Venture Capital – Mercia Ventures' involvement highlights the venture capital industry's role in funding and supporting early-stage, high-growth potential companies.
Financials
- £700,000 – The amount raised by equiwatt in the latest funding round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| equiwatt | Target | Company | An energy management company providing solutions to reduce domestic energy demand through a consumer app and a new SaaS platform. |
| Mercia Ventures | Investor | Company | A venture capital firm that has supported equiwatt from its early stages and led the latest funding round. |
| North East Venture Fund | Investor | Company | A fund supported by the European Regional Development Fund, involved in financing equiwatt's growth. |
| Dr. Johnson Fernandes | CEO | People | Founder and CEO of equiwatt, leading the company's initiatives in clean energy and consumer engagement. |
| Chris McCourt | Investor Representative | People | A representative from Mercia Ventures involved in overseeing their investment in equiwatt. |